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ILS: Shekel Loses Ground, BoI Rate Decision Matches Expectations

ILS
EM BulletBulletEmerging Market NewsMiddle East

USD/ILS has added 134 pips to last trade at 3.5865 and bulls look for continued gains past the 50-DMA at 3.6058. Bears keep an eye on 3.5300, the low print of Jan 22.

  • The Bank of Israel yesterday left the base rate unchanged at 4.50%, in line with expectations.
    • JP Morgan wrote that the "statement provided no hints about possible changes in policy stance in the near future," while "post-meeting comments by governor Yaron also did not deviate from the previously articulated narrative." They continue to call for two cuts in 2H25 and still see risks skewed toward a slighty earlier start and deeper easing cycle.
    • Goldman Sachs wrote that they "do not think any developments have materially changed the BoI’s base case (of policy rates remaining on hold through the first half of this year)" and they "continue to expect the next cut in Q3.
  • The TA-35 Index has added 0.5% this morning.
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USD/ILS has added 134 pips to last trade at 3.5865 and bulls look for continued gains past the 50-DMA at 3.6058. Bears keep an eye on 3.5300, the low print of Jan 22.

  • The Bank of Israel yesterday left the base rate unchanged at 4.50%, in line with expectations.
    • JP Morgan wrote that the "statement provided no hints about possible changes in policy stance in the near future," while "post-meeting comments by governor Yaron also did not deviate from the previously articulated narrative." They continue to call for two cuts in 2H25 and still see risks skewed toward a slighty earlier start and deeper easing cycle.
    • Goldman Sachs wrote that they "do not think any developments have materially changed the BoI’s base case (of policy rates remaining on hold through the first half of this year)" and they "continue to expect the next cut in Q3.
  • The TA-35 Index has added 0.5% this morning.